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- 1 BCH crypto price is trading above the key moving averages.
- 2 Bitcoin Cash’s price is in the bulls’ hands heading towards the $300 mark.
Bitcoin Cash has shown a strong chart structure in recent trading sessions. The price was trading above the key moving averages and reflected the buyers’ power. The sellers were wary of the competition and waited for a decline to show their influence. But seeing the rise, they were closing their positions and staying on the sidelines. However, buyers kept making long positions and moved steadily toward the $300 mark.
BCH crypto price was $253.15 at the time of writing with a slight drop of 0.44% intraday which implies last session was neutral. The trading volume for the day was 206.041 Million. The market cap of BCH crypto was $4.943 Billion. The crypto displayed the bulls’ strength and maintained the gains, leading the way.
On the daily charts, Bitcoin Cash crypto stayed on the top, near the supply zone, holding the gains convincingly. Buyers have an edge and have dominated the past few trading sessions. Moreover, the price persisted in forming higher highs, while sellers were trapped during the rebound.
As per the crypto technicals, analysts maintained a buy rating, and the target price of $300 was recently retested, showing the crypto’s bullishness.
Technical Analysis of Bitcoin Cash Crypto Price in 1-D Time Frame
Currently, Bitcoin Cash crypto (USD: BCH) is trading above the 50 and 200-day simple moving averages (SMAs), which are supporting the price momentum.
However, if buying volume adds up, then the price might support bullish momentum by making higher highs and new highs. Hence, Bitcoin Cash price is expected to move upwards giving bullish views over the daily time frame chart.
The current value of RSI is 64.50 points. The 14 SMA is below the median line at 58.80 points, indicating that the Bitcoin Cash crypto is bullish.
The MACD line at 8.87 and the signal line at 6.07 are above the zero line. A bullish crossover was observed in the MACD which signals strength in the momentum of the BCH crypto price.
Weekly Charts Price Analysis: BCH Crypto
The weekly charts of Bitcoin Cash crypto reveal that the buyers have been dominant. Crypto has been on an uptrend, as it broke above the key EMAs. The technical indicators confirm bullishness, as the RSI is near the oversold zone at 61 while the MACD shows red bars. These are signals that the crypto may face more selling pressure in the coming weeks.
Summary
Bitcoin Cash (USD: BCH) oscillators are currently indicating that the price is overbought. Investors are not very optimistic regarding the crypto. The MACD, RSI, and EMAs are emphasizing positive signs and imply that the uptrend may continue in the BCH crypto price. Price action suggests that the investors and traders are bullish on the 1-day time frame. The price action reflects a bullish perspective at the moment. However, investors and traders should wait for proper setup for the next move and avoid FOMO.
Technical Levels
Support Levels:$226.39 and $215.90.
Resistance Levels: $300.00 and $260.00.
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in crypto involves risk. Please assess your situation and risk tolerance before making any investment decisions.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
